Geeto67

This is a great project. Awesome job! I have a question though: Have you thought at all about separating the panels and just attaching them directly to the cage with dzus fasteners? The body isn't really adding any real structural support, right? so what about using the individual panels as a covering?

I fear that you assumed that the people who are taking this risk of a long term hold is greater than 1%. Talk to any exotic car dealer, more exotic cars are turned over in a 2-3 year cycle than not. The majority of people just don't buy new, rare, exotics to hold them forever.

Yes I don't believe you understand the product because you keep making the mistake of equating the market it serves to another different market where a similar loan period is a bad idea. You keep compressing it into the same product as extended loans for luxury daily driven cars which just flatly isn't the same clients, isn't the same collateral, isn't the same residual or resale market, - about the only thing they have in common is a long term and a high price . I don't know why you keep doing this, but you do, and frankly I know you know better. And you aren't the only one here doing it. This isn't a dealer selling used Hyundai's to people with bad credit - these are savy exotic car brokers who deal with a completely different clientele who have different credit needs. It's a bad idea for the people you want to shit on in the same way it is bad idea for unicorns to take out car loans, the people you think are using this credit product just aren't. Yes a 72 or 96 or 144 month on a depreciating asset, like a luxury DD, that is paid off to term is generally not a smart idea. Even on this P car it is probably unwise. However, Others beyond me have stated, and I even linked a video of a professional who writes these loans specifically saying they are bridge loans, or loans for speculators, and are cycled in 2-3 years and that is the value of the product and the market to whom it works for. A 144 month finance written for this GT4 isn't going to come from a regular bank (because they actually do some specialty lending that they don't advertise like older imported JDM cars, not because I am taking a dig), it is going to come from a very specialized lender who probably isn't going to approve credit to the kind of person who this would be a bad idea for. Banks don't write loans to customers they think are going to default. This is basic stuff clay.

Anybody see Stephanopoulos's interview with Comey? How about Colbert's? Anybody want to weigh in? My 2 cents, I have mixed feelings about Comey. On the one hand I admire his composure, integrity, and commitment to ethics as a law enforcement officer in the service of this country. On the other hand, in both interviews he hit squarely upon what was clearly a bad call, and talks at length about how difficult a decision it was, but in the end continues to give an account of what is recognized as an obvious mis-read of the situation. He also underplays the decision he made as being the lesser of two evils but honestly I don't feel like it was unless you inject his personal partisan politics into it.

Come on Greg, if you are going to call him a hypocrite at least spike the ball: The reality is, when it is discussing different subtle shades of what he believes in, then it's a discussion - if it is a fundamental disagreement then it is nasty hate remarks. Just like it's insulting when I do it but when he does it he just thinks he's speaking the truth. :dumb:

Eh....more like Clay: “look at this crazy debt instrument I don’t really understand fully, and let’s all shit on fictional people who probably don’t qualify for this product but we think do so we can feel better about ourselves” The rest of Cr: “debt is the devil, this is exactly like 96 month leases on yugos and other pedestrian cars. Also fuck people who have debt” Me: “debt is not the devil, you don’t really understand this product, and this isn’t anything like 96 month financing on a Camry” The rest of CR: “burn him he’s a witch who speaks heresy!!!!!!” By the way, since when is CR for making friends? This place literally exists so a bunch of local guys can shit talk each other.

I don't assume that at all. However he made comments that indicated he thought debt was bad and that this debt was particularly bad. I don't agree, stated why, and then he got butt hurt and we are here.

As long as I can borrow your pickup from time to time, I'm ok with that.

...aaaaand, wait a second, aren't you counted as one of them? :grin2:

no actually you. That was the point of your original "LOL" and "america is so accepting of debt". You don't see the potential for this debt to make you money. Your original statement presumed that debt can't make you money and if it was this wasn't it. I stand by my comments. don't back pedal now because you don't want to read it.

Well who says debt can't make you money? Generally speaking and broadening the scope outside of personal debt for a second, most markets run on some form of debt structure. Insurance, construction, general business operations, public works, etc all provide the opportunity to conduct business because of an upfront debt. This includes municipal and federal bonds which can be used to fund civic programs as well. Without it we would have lots of market inefficiencies and honestly I doubt society would be as advanced as it is now. In terms of personal debt, here are some good things about debt: Primary benefit: - Providing the opportunity to start a business. Remember the alternative isn't always "finance with cash" sometimes the alternative is not to do the activity. In that instance, small business debt provides a sole proprietor or small operation the opportunity to exist at all or grow operations. - Providing the opportunity for investment. The higher up you go on the socioeconomic ladder, the more you find that the wealthy just aren't liquid. It doesn't pay to have money just hanging out long term - it needs to be parked in an asset or investment to be doing any good. So when an opportunity comes along for further investment, or to own an asset, debt can afford a person the opportunity to take advantage of the opportunity without having to run around and liquidate assets or pay penalties for premature withdrawal. In this case it can literally be thought of as the "opportunity cost" of doing a transaction (vs the opportunity cost of not doing it which is missing out on the profits that could be generated). Secondary Benefits - Establishing creditworthiness: Whether you like it or not your credit score has broadened beyond just telling people you are a safe risk to lend money to. It helps you get a Job, it helps you rent an apartment or buy and sell a home, it can even be used as a reference for your character in legal proceedings. You don't get a good history off of one isolated debt. - Educational Debt: In addition to the debt financing the possibility for you to get an education at all (and increase your earning potential as a result), appearance of student loan debt increases your creditworthiness and the things that come with it. - Mortgages: If you think of your mortgage as a type of savings and investment plan because you own the asset at the end, then there is a benefit over renting if you are the type of person where it is advantageous to own vs rent. There is no requirement that you own (so not a necessity), but without it far fewer Americans would have the opportunity to own their own homes. This funds all sorts of secondary industries like construction, urban planning, retail, etc... I will fully concede that if you are dirt poor, debt won't help you much. There are still some kinds of debt that can (educational, etc) but the opportunity profile is much slimmer and the risk profile much larger the less wealth you have. But for most Americans debt provides plenty of opportunity if you are willing to be smart about it...which brings me to my next point: I fully concede that most Americans are not that smart about debt, how it works, the debt they carry, etc. There are plenty that use it to live beyond their means but that isn't the fault of the debt, that is a product of lack or education, understanding, and sometimes intentional or unintentional confusion on the part of the lender. To that end Debt is over used in some areas and under used in others to the determent of the borrower, but again that isn't inherent in the nature of debt. Wouldn't dream of it. A lot of people in this thread are pointing to this 144 month lease and assuming that the majority of people are using this type of loan to live beyond their means. And while they might be right that some are doing just that, I doubt it is the majority because the highest risk profile for default isn't the demographic this type of financial instrument is targeted towards. The main market that this loan is is a good idea for are the wealthy private buyer buying a 3-4-5th car who needs time to liquidate assets to purchase the car outright and will probably pay it off totally in 1-2 years, the speculator who is looking for the next "flip" investment and will probably see a return in about 2 years, a business client who uses the car as a business asset (e.g. an exotic car rental or studio prop house), a foreign purchaser who has most of their assets overseas and needs time to secure transfer, and another dealer in a different region. All of them have the credit to secure a loan for $100K, all of them are not expected to go full term, and all of them benefit a lot from a lower monthly charge. It's unlikely that the person using this type of financing to live beyond their means would even qualify for the loan because these loans are made by specialty companies (not regular banks) who look for a certain creditworthiness profile outside of a basic score. Anybody who uses this product to live beyond their means (assuming they could actually get the loan) is misusing this debt product and is not part of the market the instrument was intended to serve.

Yeah....and? Who says debt is automatically a bad thing always?

Saw this this morning and thought it was relevant to the conversation. I think he hits upon the major point, that these loans are typically used as "bridge loans" for investors, speculators, private brokers, and wealthy individuals to hold an asset short term with a low carrying cost. The thing to remember about the very wealthy is that there is no value in liquid money long term. Inflation will significantly errode the spending value of the liquid money even in as short a term as a year. So the majority have their money parked in assets and instruments that are not always easy to extract it from. Having access to credit that has a low monthly carrying cost means they can still take advantage of a buying opportunity while they try to liquidate another asset to pay for it.

$10,000 if they make it to term...how many make it to term? As much as we like to think it happens, I don't think people who buy exotics keep them long term, esp considering the maint costs get more expensive as time goes on. You know who probably makes good use of this setup? people who run exotic car rentals. I mean, that's why I would do something like that. Personally finance it (for the lower interest rate), on paper lease it to my rental company, and profit. If I'm cycling the cars every 3 years then I'm never making it to term so I'm never paying the $10,000s in interest. If I have chosen correctly they car will lose like about 10% of value between new and used and hopefully I made more than that amount renting it out. It's not worth it doing the corp asset set up unless you own multiple high dollar cars. I looked into it years ago for my motorcycle collection (which was 20+ at the time) and financially it didn't make sense when each individual asset is below $5000 in value (not to mention the insurance costs, etc). Even with 1 $100K car it isn't really worth it in terms of cost because the insurance you have to carry is much higher than if you had the car insured under your name. I get that there are people that make stupid decisions with their credit and financial well being all the time, and I am not denying that. I just don't know if I see this product as inherently "stupid" - there has to be a market it is serving that isn't just for "suckers". Here's another one that seems stupid but may not be: the 1 month lease. There are specialty companies that do 1-6 month car leases. Why? the longer ones (2-6 mos) allow you to "take over" someone's existing lease with time left on it (because you don't really take over their lease - you get a new lease with the same terms and time remaining as the old one). But the 1 month? As near as I can tell it exists for people to transfer the depreciation and associated tax credit to their privately held companies so that they can then buy a basically "new" car at used car prices. It only works in specific situations (like you are a business owner and your business needs so immediate asset depreciation to offset some taxable gains), but it exists.

Is it a "depreciating asset" though? It's a 1 of roughly 2400 special edition Porsche. It's isn't losing money like a brand new 5 series where it will lose 45% of it's value in the first 5 years. I don't think you are going to get a 144 month loan on a brandy new kia, but it's not uncommon in the exotic's world where the cars cost as much as people's houses. Only specialty lenders usually offer these and it isn't on run of the mill cars. I'm not convinced this is such a horrible idea. I think a lot of people are scared of them because it seems like a long time and selling a car with a lien on it is a hassle. But, if there aren't prepayment penalties and you are strictly dealing with the types of cars that have dealers and brokers involved, it can work out to be a pretty manageable way to own an exotic.

I think you are talking about a manual impact driver. http://www.searshardwarestores.com/product/Craftsman-47641-Impact-Driver?store=&preview=9296&utm_source=google&utm_medium=cpc&adpos=1o1&scid=scplp19121529&sc_intid=19121529&gclid=CjwKCAjwk9HWBRApEiwA6mKWadOUTAZxm8cDenSC4hvUHUHoSEK3QTZjkAiOJ7jV8LjZdsxJ7oAKUBoCLNEQAvD_BwE

42psi? that's a heck of a lot of squeeze. On a stock bottom end? Nice numbers. Can you mess with the gearing any to get you closer to your 9's and 160+ trap speed?

looks like they replaced the nose, door skins, and 1/4s on the car before you got it, that is a lot of metal work - good score. Can't wait to see how this turns out.

looks like SCCA cancelled their event as well. (sad pac man noise) looks like I cleaned out my car for nothing.

Weather is looking dodgy for around noon tomorrow. Is there a rain date? or is it run it rain or shine?

why are we still talking about Trevor Noah?

speaking of.... let's get back on track for a second before Brandon threatens to come to your house to "talk"..... http://www.bbc.com/news/world-middle-east-43740626 fucking seriously!?! either he is the best twitter troll that has ever existed or he's mentally retarded to the mental capacity of a 7 year old.

what's supposed to be veiny then? neck? cranium?

that is so soyboy.